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IRS Extends FATCA Timelines for Withholding Agents and FFIs 

Global Tax Adviser

 

July 23, 2013

 

Frank Simone
GTA, U.S. Corporate Tax

 

Jennifer Gann
Montreal, U.S. Corporate Tax

 

The IRS has announced that it will extend the timeline for withholding agents and foreign financial institutions (FFI) to begin their due diligence and withholding and reporting requirements to payments made after June 30, 2014, a six-month extension. Further, the IRS has delayed the opening of its financial institution registration portal to register as (among other things) participating foreign financial institutions to August 19, 2013 (from July 15, 2013).

The announcement also clarifies that financial institutions operating in jurisdictions that have signed an intergovernmental agreement (IGA) covering their financial institutions' compliance with FATCA will be treated as having an effective IGA.

 

For more information, contact your KPMG adviser.

 

 

 

 

 

Information is current to July 23, 2013. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500

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